Amount

Amount, a spinoff from digital consumer lending platform Avant, offers a lending-as-a-service (LaaS), retail banking, and point-of-sale (POS) financing/buy-now-pay-later (BNPL) platform to help financial institutions digitize their operations. Amount’s platform is complemented by fraud prevention, verification, decision engines, and account management solutions. 

The company charges its users an up-front implementation fee as well as a percentage of any loans which are processed using Amount’s infrastructure. 

Key customers and partnerships

Amount’s customers include leading financial institutions such as HSBC, Regions Bank, and TD Bank, among others, which collectively serviced more than 50 million customers and managed nearly USD 2 trillion in assets in the US. 

In April 2021, Barclays partnered with Amount to enable merchants to offer point-of-sale (POS) financing. Moreover, Amount also partnered with Marqeta in October 2021, to enable banks to offer BNPL solutions to end customers. The companies claimed that banks can launch BNPL offerings together with virtual cards, in months.  

Funding and financials

In May 2021, the company raised USD 99 million in a Series D funding round led by WestCap that valued Amount at USD 1 billion. The additional funds went towards accelerating research and development and exploring potential acquisitions. Accordingly, in February 2022, Amount acquired Linear Financial Technologies (Linear), an SMB loan and account origination infrastructure platform for financial institutions, for USD 175 million. The acquisition also increased Amount’s workforce to nearly 600 employees; however, in June 2022, Amount reportedly laid off nearly 20% of their workforce, citing macroeconomic challenges.